Stock MJD MAJOR DEVELOPMENT
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Financials Major Development

Equities

MJD

TH0960010005

Real Estate Development & Operations

End-of-day quote Thailand S.E.
Other stock markets
 18:00:00 2024-05-16 EDT 		5-day change 1st Jan Change
1.32 THB +0.76% Intraday chart for Major Development +0.76% -5.71%
05-15 Major Development Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
02-27 Major Development Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 2,943 2,598 1,402 1,695 1,428 1,205
Enterprise Value (EV) 1 12,772 12,865 10,447 10,392 10,549 12,135
P/E ratio 4.01 x 8.1 x 7.04 x -4.8 x -3.86 x -3.66 x
Yield - - - - - -
Capitalization / Revenue 0.55 x 0.43 x 0.19 x 0.38 x 0.5 x 0.54 x
EV / Revenue 2.39 x 2.13 x 1.42 x 2.36 x 3.7 x 5.48 x
EV / EBITDA 22 x 18.8 x 15.5 x 32.5 x -159 x -495 x
EV / FCF 8.12 x 163 x 8.25 x 11.2 x -44.8 x -3.31 x
FCF Yield 12.3% 0.61% 12.1% 8.93% -2.23% -30.2%
Price to Book 0.64 x 0.48 x 0.25 x 0.32 x 0.29 x 0.26 x
Nbr of stocks (in thousands) 860,412 860,412 860,412 860,412 860,412 860,412
Reference price 2 3.420 3.020 1.630 1.970 1.660 1.400
Announcement Date 3/1/19 2/26/20 3/1/21 2/28/22 2/27/23 2/27/24
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 5,341 6,028 7,335 4,404 2,847 2,216
EBITDA 1 580.5 684.7 672.2 319.4 -66.49 -24.51
EBIT 1 438.7 537.9 542.7 202.3 -169.6 -112.1
Operating Margin 8.21% 8.92% 7.4% 4.59% -5.96% -5.06%
Earnings before Tax (EBT) 1 824.6 357.5 315.7 -302 -348.6 -369.1
Net income 1 733.1 321 199.3 -353.1 -369.9 -329.3
Net margin 13.73% 5.32% 2.72% -8.02% -12.99% -14.86%
EPS 2 0.8521 0.3730 0.2317 -0.4104 -0.4299 -0.3827
Free Cash Flow 1 1,573 79.08 1,266 928.3 -235.4 -3,668
FCF margin 29.45% 1.31% 17.26% 21.08% -8.27% -165.51%
FCF Conversion (EBITDA) 270.92% 11.55% 188.38% 290.64% - -
FCF Conversion (Net income) 214.52% 24.64% 635.25% - - -
Dividend per Share - - - - - -
Announcement Date 3/1/19 2/26/20 3/1/21 2/28/22 2/27/23 2/27/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 9,830 10,267 9,045 8,697 9,121 10,931
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 16.93 x 15 x 13.46 x 27.23 x -137.2 x -445.9 x
Free Cash Flow 1 1,573 79.1 1,266 928 -235 -3,668
ROE (net income / shareholders' equity) 17.5% 6.09% 3.59% -6.44% -7.21% -6.88%
ROA (Net income/ Total Assets) 1.42% 1.71% 1.77% 0.73% -0.65% -0.41%
Assets 1 51,695 18,810 11,268 -48,499 56,605 79,487
Book Value Per Share 2 5.310 6.340 6.570 6.170 5.760 5.400
Cash Flow per Share 2 0.9900 0.4500 1.800 0.6300 1.170 0.4200
Capex 1 179 106 97.5 19.3 25.8 16.3
Capex / Sales 3.34% 1.76% 1.33% 0.44% 0.9% 0.73%
Announcement Date 3/1/19 2/26/20 3/1/21 2/28/22 2/27/23 2/27/24
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
MAJOR DEVELOPMENT Stock Major Development
-5.71% 31.14M
CHINA RESOURCES LAND LIMITED Stock China Resources Land Limited
+17.32% 29.15B
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
-5.15% 27.94B
MITSUI FUDOSAN CO., LTD. Stock Mitsui Fudosan Co., Ltd.
+26.23% 26.02B
DLF LIMITED Stock DLF Limited
+16.84% 24.95B
MITSUBISHI ESTATE CO., LTD. Stock Mitsubishi Estate Co., Ltd.
+40.97% 22.49B
CHINA OVERSEAS LAND & INVESTMENT LTD. Stock China Overseas Land & Investment Ltd.
+20.06% 22.19B
EMAAR PROPERTIES Stock Emaar Properties
-4.42% 18.48B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD. Stock Poly Developments and Holdings Group Co., Ltd.
+13.13% 16.73B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED Stock Henderson Land Development Company Limited
+9.98% 16.19B
Other Real Estate Development & Operations
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